Luxury apartments are piling up in South Florida; Presidio is reviewing strategic options
S&P Global Market Intelligence presents our top picks of real estate news stories published throughout the week.
More luxury rental apartments are popping up in South Florida, creating an oversupply in the area. The Wall Street Journal mentioned.
The Miami metro area leads major U.S. markets in terms of multifamily units under construction as a share of inventory, according to the report, which cited CoStar data.
Developers are racing to build more luxury apartments for rent in the area due to their high cost Land, labor and construction mean less profit from selling cheaper units.
CoStar said about the vacancies in the luxury rental sector in South Florida The unemployment rate reached 8.5%, higher than the US average of 6.9%, and is expected to rise to 11% over the next two years.
Chart of the Week: 9 North American REITs Increase Dividends in August
⮞ Eight publicly traded REITs based in the United States and one based in Canada raised their regular dividend payments in August.
⮞ Sunstone Hotel Investors Inc., the hotel’s owner, increased its quarterly dividend by 40% to 7 cents per share on Aug. 3, the largest relative dividend increase in August.
⮞ The total number of REITs that have reported increased dividends so far in 2023 is 59, or just over a third of the entire US REIT industry.
A multi-billion dollar corridor
– Kroger Co. will And Albertsons Cos. Inc. With 413 stores sold, along with eight distribution centres, two offices and five private label brands, as part of the two groupsPink chains“Planned merger. C&S Wholesale Grocers Inc. will acquire the assets for approximately $1.9 billion.
– Westcore Properties Inc. agreed. paid more than $1 billion for an industrial portfolio of 16 properties in California, Commercial Observer reported. The asset covers 3.5 million square feet and is fully leased.
– US Masters Residential Property Fund, an Australian real estate investment trust, is reportedly planning to exit its family-owned portfolio in the New York City metro area. The $1 billion portfolio includes 479 properties, City Limits said.
Strategic moves
– Presidio Property Trust, an internally managed diversified real estate investment trust, has formed a special committee of the Board of Directors to evaluate potential strategic alternatives, including a business combination, sale of all or a portion of the company’s assets, joint venture arrangements and/or restructuring.
– Silver Star Properties REIT Inc. said. It is continuing its shift in strategy to focus on self-storage properties after its indirect subsidiary, Hartman SPE LLC, filed a voluntary petition under Chapter 11 of the Bankruptcy Code, to improve its ability to sell its properties. Remaining heritage properties. hartmann, Which was recently completed Selling her Prestonwood estate in Plano, Texas, he owns an heirloom Office, retail and industrial properties.
See the movements of key people in North American real estate.
Submit Data: US REIT capital offerings fell 85% month over month in August
Submit Data: Construction loans and delinquencies at US banks rose on a quarterly basis in the second quarter of 2023
US hotel occupancy, RevPAR decline in week ending September 2 – STR
REIT Replay: US REIT shares fell during the week ending September 8
